Shares of Arrow Electronics, Inc. (NYSE:ARW) have received an average recommendation of “Hold” from the eight brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $82.89.
A number of equities analysts recently issued reports on the company. Stifel Nicolaus lowered Arrow Electronics from a “buy” rating to a “hold” rating and set a $75.33 price target on the stock. in a report on Friday, February 1st. SunTrust Banks raised their price target on Arrow Electronics to $84.00 and gave the stock a “hold” rating in a report on Friday, February 8th.
Arrow Electronics stock traded down $3.27 during midday trading on Thursday, reaching $76.66. The company’s stock had a trading volume of 419,050 shares, compared to its average volume of 583,607. Arrow Electronics has a fifty-two week low of $62.69 and a fifty-two week high of $83.03. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.55 and a quick ratio of 1.11. The stock has a market cap of $6.51 billion, a PE ratio of 8.68, a P/E/G ratio of 1.22 and a beta of 1.14.
Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Thursday, February 7th. The technology company reported $2.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.56 by $0.01. Arrow Electronics had a return on equity of 14.88% and a net margin of 2.41%. The company had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.94 billion. During the same period last year, the firm earned $2.49 earnings per share. Arrow Electronics’s quarterly revenue was up 5.0% on a year-over-year basis. On average, research analysts expect that Arrow Electronics will post 9.1 earnings per share for the current fiscal year.
Arrow Electronics announced that its Board of Directors has authorized a share buyback plan on Wednesday, December 12th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, insider Mary Catherine Morris sold 7,108 shares of Arrow Electronics stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $81.84, for a total transaction of $581,718.72. Following the completion of the sale, the insider now directly owns 17,147 shares in the company, valued at approximately $1,403,310.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charles Kostalnick II sold 1,250 shares of Arrow Electronics stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $81.99, for a total transaction of $102,487.50. Following the sale, the insider now owns 15,248 shares of the company’s stock, valued at $1,250,183.52. The disclosure for this sale can be found here. Insiders sold a total of 102,351 shares of company stock worth $8,322,837 in the last ninety days. 1.30% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of ARW. Oregon Public Employees Retirement Fund raised its position in shares of Arrow Electronics by 8,975.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,854,494 shares of the technology company’s stock worth $70,000 after purchasing an additional 4,801,004 shares during the last quarter. Norges Bank acquired a new position in Arrow Electronics in the 4th quarter valued at $49,210,000. JPMorgan Chase & Co. raised its holdings in Arrow Electronics by 6.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,742,170 shares of the technology company’s stock valued at $423,313,000 after acquiring an additional 370,095 shares during the last quarter. MUFG Securities EMEA plc raised its holdings in Arrow Electronics by 237.4% in the 4th quarter. MUFG Securities EMEA plc now owns 160,200 shares of the technology company’s stock valued at $11,046,000 after acquiring an additional 112,721 shares during the last quarter. Finally, DNB Asset Management AS raised its holdings in Arrow Electronics by 15.4% in the 4th quarter. DNB Asset Management AS now owns 667,049 shares of the technology company’s stock valued at $45,993,000 after acquiring an additional 89,071 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.
Arrow Electronics Company Profile
Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.
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